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Youve got to start with the customer experience and work back toward the technology not the other way around Steve Jobs, Apple Kx has been a global software leader for complex analytics on massive-scale data for over two decades. The Kx technology is an established and trusted standard across industries such as Capital Markets, Pharma, IoT & Utilities, Space and Manufacturing. Kx for Retail brings the power of this cutting edge technology, combined with true retail industry and analytical expertise to help businesses unlock the full value of their data through innovative yet simple and executable solutions. Foreword PAGE NUMBER Why Innovate? Introducing Kx Retail Innovation Index 05 06 07 01. 02. 03. Kx RII Analysis Methodology 08 04. Key Findings 09 05. Drivers of Retail Innovation 10 06. Kx RII Top 10 Retailers 11 07. Kx RII Retailers 11-50 12 08. Kx RII By Category 13-14 09. RII Drivers in the Customer Journey 16 10. Brand Focus Brand Focus: Argos Brand Focus: Ikea Brand Focus: Amazon 18-20 18 19 20 12. Category Focus Category Focus: Grocery Category Focus: Apparel 21-22 21 22 13. Modern Day Consumer Needs 24 14. Kx for Retail Solutions 25 15. Further Resources 26 16. Real-time Technology Enabling Enhanced CX 17 11. In case you missed it, we are in a digital revolution and no industry is exempt. Banks, newspapers, travel and retail have to adapt to technology-focused business models with the key driver being changing consumer behaviour. Change or die big names that are slow to adapt are being lost; Kodak, Borders, and firms such as Nokia and Blackberry losing their retail presence. The retail landscape has been shifting online for some time now and this is nothing new, but the pressure on traditional bricks and mortar retailers that have not adapted is beginning to show. Debenhams have finally accepted that sharp discounting and reliance on short term sales and promotions is not a sustainable model, whereas John Lewis, who continue to innovate with data and technology, are seeing contrasting fortunes. Amazon continue to dominate the retail market today for one simple reason; the intelligent use of data through technology. Their mission statement clearly demonstrates their commitment to this and the sole purpose of leveraging this data and technology to deliver a customer centric range online: “Our vision is to be earths most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online” No category is safe. Amazons move in to food retailing with the acquisition of Whole Foods will concern the big players such as Walmart and Tesco. Retailers are making their own moves, with Walmarts purchase of Jet, and Morrisons tie up with Amazon. The food revolution is coming, and those that do not leverage technology and data to compete with Amazons consumer-focused and targeted approach will fail. Data and technology is clearly critical to retailers, but until now its been difficult to know where to focus investment to achieve the biggest gains. Kx have carried out extensive research with a nationally representative sample of UK shoppers to identify what innovations are driving customer satisfaction and loyalty. Our Retail Innovation Index (Kx RII) helps retailers understand how consumers view their brand, and helps identify key areas where consumers expect technology, data and innovation should be used to drive their customer experience. In our inaugural report, we identify where retailers need to be innovating to deliver success. Damon Bryan SVP Retail Analytics Thomas Hill SVP Retail Services Peter Denby SVP Retail Strategy 2.2x +17% +61% Transformation is sweeping the retail industry. Consumers today are much better informed and more connected. They want mobile shopping, personalized service and instant gratification. These changes are giving rise to a host of innovations around omni-channel retailing, mobile apps, customer data mining, responsive supply chains and cutting-edge, in-store, self-help technologies. Innovation is critical in the digital retail revolution and our consumer research shows that innovation is directly linked to shopper satisfaction, loyalty and ultimately revenue growth. Advocacy was 60% higher in the top 20% scoring retailers in the Kx RII compared to the bottom 20%. Those customers claimed they were 17% more likely to shop again with that retailer, showing that innovation drives loyalty with customers. What is now proved, was once only imagined. William Blake Kx RII is consumer research designed to understand the key areas of innovation and technology across the customer journey and the impact on customer experience Using a nationally representative panel of over 5,000 UK consumers Covers 50 top retailers in sectors across: Grocery, Apparel, Electronics, Health & Beauty, Home, Garden & Pet, Multi-Category, Telecoms, Toys & Sports A hybrid metric comprising 3 key elements Based on what consumers are telling us is important to their shopping experience Innovation focussed but commercially actionable The research itself is a detailed survey asking over 70 questions about consumer views, attitudes and needs around technology and innovation to drive better customer experiences. The research spanned 8 specific sectors across 50 of the top retailer brands in the UK. The consumers surveyed were a nationally representative sample of shoppers. So what have we done with all this data? Well firstly weve ranked the 50 retailers based on RII score created from the study. Weve also used the data to perform some detailed analysis across brands and sectors, highlighting to retailers where they need to focus to enhance customer experience and ultimately grow brand perception, consideration and loyalty. Drivers Analysis Granular drivers of RII including prioritisation and performance analysis right down to brand and sector level Consumer Segments Using demographics and clusters based on attitudes towards technology in retail, we are able to slice and dice all the data in many different ways Enhancing the customer experience through innovation is key. Customers are 17% more loyal to brands that score highly on the Kx Innovation Index, and are growing at twice the rate of those that have low innovation scores. Delivering an easy and frictionless shopping experience is the number 1 driver of the Retail Innovation Index. Brands that are the easiest to shop with are driving higher advocacy and loyalty within their customer base. A personalised experience is key to retaining shoppers, especially in high frequency purchases sectors such as Grocery. Shoppers expect retailers to know who they are, and use that information to communicate with them to enhance their shopping experience. Push marketing is no longer acceptable to consumers and retailers need to personalise the customer journey across all channels. Whilst ease is king for all retail sectors, different sectors need to innovate in different ways. Multi-category retailers need to deliver on experience and interaction, whereas easy to find product & value is key for electronics. Amazon and Apple lead the way for innovation. Argos perform strongly in the RII by delivering the best multi-channel experience and Ocado, ASOS and John Lewis are recognised by shoppers as delivering customer experience through innovation. Using statistical techniques to uncover the key relationships between the 27 questions regarding innovation in retail and how brands are performing against each, we have been able to create 5 key drivers of innovation perception in retail. We have then quantified the impact of each of these drivers on the RII, identifying the areas to focus importance. Within each key driver we have then ranked each question (lever) based on importance within that driver. Relevant and personalised communications Range and choice to suit individual needs Good availability of products I want to buy Finding products easily and efficient experience Communicate with me through different channels Right time / place for personalised information Offer the best prices on the products I want Find good value when shopping with them Give me deals and offers that are easy to find Easy to find and give reviews about their products Offer different and flexible ways to contact them Use tech to help me interact with customer services Solutions across channels to make it easy to check-out Multiple check-out options to suit needs across channels Delivery, collection or check-out in store is fast & efficient Technology that enables frictionless and personalised experiences is key to success in the current consumer landscape 1ST RII: 8.48 3RD RII: 7.9 2nd RII: 8.23 3rd RII: 8.09 4th80 =5th RII: 7.76 =5th RII: 7.76 7th RII: 7.65 8th RII: 7.61 9th RII: 7.59 10th RII: 7.52 “Our vision is to be earths most customer-centric company” Online giants Amazon have topped our inaugural Retail Innovation Index rankings based on powerful performance across most of the key drivers. Ease , Checkout and Interaction were the big drivers that Amazon performed particularly well on when it comes to use of innovation and tech to drive customer experience. No surprises to see Apple high in the RII, a company consistently innovating. Apple are the strongest overall performers when it comes to Personalisation and Interaction but arent seen as particularly providing value transparency for customers. Ocado are the highest place Grocery retailer on the RII. Ocados dedication to their innovative online business model has paid off when it comes to consumer perception of customer experience, performing well across Ease, Personalisation and Checkout. ASOS are the highest place apparel retailer with strong performance particularly across Checkout and Interaction. ASOS see themselves as both a technology and fashion business, with a strong ethos for consistent investment in innovation. Always a company that performs well for CX, John Lewis are also serious when it comes to putting the customer at the heart of any technology investment. Consumers recognise John Lewis for enhancing experience through easy and frictionless customer journeys. Sitting equal 5th with John Lewis on the RII, Argos are here for different reasons. Whilst they dont have the same fiercely loyal customer base, Argos are seen to be leaders when it comes to providing easy and fast / flexible checking out experiences across all channels. Ikea have constantly innovated as a business, in product design and across marketing and the customer experience. Ikea have set themselves up as a business to consistently drive Value for consumers through innovation and are being recognised for that Since luxury retailers Yoox and Net-A-Porter merged in 2015, the group has invested heavily in innovative customer focused technology. In particular the group have performed extremely well in Personalisation coming second only to Apple in performance within this driver. M&S have the lowest pure innovation perception of our top 10 but are amongst the highest when it comes to advocacy and loyalty. M&S are getting the blend right between innovation and traditional elements of customer experience, in particular when it comes to Ease. Selfridges are the final retailer to make up our top 10. One the UKs most famous traditional retailing names has also invested heavily in multi-channel and are perceived by consumers to be innovating in CX, particularly when it comes to Personalisation as a result of it. =11th RII: 7.50 =11th RII: 7.50 13th RII: 7.47 14th RII: 7.45 15th RII: 7.39 16th RII: 7.38 17th RII: 7.37 18th RII: 7.36 19th RII: 7.33 20th RII: 7.32 21st RII: 7.28 22nd RII: 7.27 =23rd RII: 7.25 =23rd RII: 7.25 25th RII: 7.22 26th RII: 7.18 27th RII: 7.17 28th RII: 7.16 29th RII: 7.15 =30th RII: 7.14 =30th RII: 7.14 32nd RII: 7.13 33rd RII: 7.10 34th RII: 7.08 =35th RII: 7.05 =35th RII: 7.05 37th RII: 7.04 38th RII: 7.03 =39th RII: 7.00 =39th RII: 7.00 =41st RII: 6.97 =41st RII: 6.97 43rd RII: 6.93 44th RII: 6.86 =45th RII: 6.81 =45th RII: 6.81 48th RII: 6.65 47th RII: 6.80 49th RII: 6.57 50th RII: 6.45 Id like the ability to buy whatever, whenever I want from my home without leaving my house and have it delivered within 24 hours The most interesting and exciting technology that has enhanced my shopping experience is the handheld scanning devices I want to be able to use my mobile phone to help locate items or to find out if there is more stock available in store Quotes taken from RII survey verbatim Customer Journey isnt just a buzz-term, its an important part of understanding the consumer path through brand awareness, conversion, through to retention, growth and ultimately protecting the customer base you have built. Customer experience design often falls down when organisations focus too operationally rather than fully understanding how to wow customers and then designing customer experiences based on this. Using the data from the study weve assigned the important drivers of RII to 5 key phases of the customer journey and ranked the top 3 priorities within each phase. Easy to find product information Always informed about relevant products Comms. delivered right time & place Relevant & personalized comms. Comms. in different channels Range & choice to suit needs Efficient & trouble-free experience Find products easily when shopping Tech making shopping exciting Customer experience feels personal Find value for money easily when shopping Flexible ways to contact customer service Responding quickly with customer contact Easy to find and give product reviews Easy to find and give product reviews 1 2 3 / Real-time capability Designing a shopping experience requires an in-depth understanding of who your customer is and what their needs are. Building a platform that allows you to track journeys, interact with customers and optimise experience on the fly requires real-time connected technology capable of scaling to infinite sizes of data. / Quicker decision making True real-time data processing capability will enable much quicker, customer centric, next best action decision making within your business - whether its a store manager understanding real-time footfall to make quick decisions to ease flow, or whether its through machine learning algorithms for real-time targeting strategies. / Optimised journeys Using your data along with this capability allows for effective and instantly optimised customer journeys. Optimisation will only be successful if there is a data and insight platform that can connect data sources, both internal and external, and provide single customer views across purchasing and brand engagement. 1. Lau
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